Deutsche hedge funds off to New York
TheAustralian arm of DB Absolute Return Strategies, the global hedge fund business of Deutsche Bank, last week announced it will delegate the management of all its fund-of-funds to the group’s head office in New York.
The decision will see the head of Asia Pacific, David Zobel, relocate to the US in May.
Glenn Poswell, who has worked alongside Zobel for the past five years, will take over responsibility for the region.
“We’re looking to centralise portfolio management, so that we can leverage resources and get some economies of scale,” says incoming Asia Pacific head, Poswell.
Zobel, who was recently promoted to a managing director role within Deutsche Bank, will now be responsible for growing global business, management of the global fund-of-funds business and heading up the fixed income strategy team.
Most of the group’s hedge fund-of-funds are already managed out of New York, but a small number had been managed elsewhere, including the Deutsche Strategic Value Fund in Australia.
DB Absolute Return Strategies has $12.1 billion in funds under management, with $350 million sourced from Australian clients and $2 billion from elsewhere in the region.
Both Zobel and Poswell will continue as members of the group’s global investment committee.
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